Down real estate market??... NO WAY!! (property, looking for, advice) - Los Angeles - California (CA) - Page 6 - City-Data Forum

RandomMusing · 07-05-2008, 03:11 PM

Quote:

Originally Posted by shannon94

thought you moved here from Chicago? records show that something very different is going on in that area as far as sales go....so thats really odd. why didn't you check out the neighborhood before you bought the house?

I'm confused by what you're saying here. I moved from Ohio, I had lived in Chicago before Ohio so most of the time when people ask where I'm coming from I just say Chicago, since I lived there most of my life.

Anyway, what do you mean why didn't I check out the area? I looked mostly in Northridge and Granada Hills with the recommendations of my realtor and people I work with. I had to move fast. Once I sold my house, after it being on the market for over a year, I only had 2 months to take care of things, which included finding a house. In my price range these were the areas recommended, and even though I hear good things, I wanted more opinions and wanted to know what to expect from those online.

My point of my post was that I am a new residence to Cali and compared to Ohio / Midwest, the housing market is moving much faster here. Like I said many of the houses I saw went fast and 3 of the houses I was interested in already had offers. I was luck to get the house I got.

Californiaguy2007 · 07-05-2008, 07:02 PM

Well one thing about CA,is this is the state that people will over-exaggerate and will make it sound like it's the end of the world when it comes to problems here

Not all of California is in the same boat in the Housing Slump...I live up in Kern County and things look like they are picking up again,but i'm sure this is not the case everywhere.

BTW Welcome to California

Quote:

Originally Posted by RandomMusing

I'm confused by what you're saying here. I moved from Ohio, I had lived in Chicago before Ohio so most of the time when people ask where I'm coming from I just say Chicago, since I lived there most of my life.

Anyway, what do you mean why didn't I check out the area? I looked mostly in Northridge and Granada Hills with the recommendations of my realtor and people I work with. I had to move fast. Once I sold my house, after it being on the market for over a year, I only had 2 months to take care of things, which included finding a house. In my price range these were the areas recommended, and even though I hear good things, I wanted more opinions and wanted to know what to expect from those online.

My point of my post was that I am a new residence to Cali and compared to Ohio / Midwest, the housing market is moving much faster here. Like I said many of the houses I saw went fast and 3 of the houses I was interested in already had offers. I was luck to get the house I got.

shannon94 · 07-05-2008, 08:24 PM

[quote=RandomMusing;4345882]I'm confused by what you're saying here. I moved from Ohio, I had lived in Chicago before Ohio so most of the time when people ask where I'm coming from I just say Chicago, since I lived there most of my life.

Sorry...it's just that your first post said that you sold a house in Chicago...anyway...I was just curious why you didn't check the area out more thoroughly before you bought a place...usually people don't ask AFTER the fact. I kinda thought you were just being a cheerleader for the housing market...saying things were moving fast ..because I have relatives that live in Northridge and they tell me a different story. Anyway...glad you found a house! Been a long time since I've been to Granada Hills.....I remember it being pretty decent...do you have kiddos?

CA4Now · 07-06-2008, 07:45 AM

Quote:

Originally Posted by Caliguy2007

Well one thing about CA, is this is the state that people will over-exaggerate and will make it sound like it's the end of the world when it comes to problems here.

Kind of like that old bumper sticker that said, "Welcome to California. Now go back home."

Panks · 07-06-2008, 12:18 PM

Quote:

Originally Posted by RandomMusing

I'm confused by what you're saying here. .

Don't mind Shannon94's disbelief about the market...thats why her tag line is about ostriches.

Congratulations on buying a house!

I just had an offer accepted also. It was an REO and it got 10 offers in 5 days. The bank countered 6 of us and I ended up offering $10k over the asking price... but I got the house! What shocked me is that they took my offer over an ALL CASH offer because I offered 5k more.

I will admit I am a bit bummed not to have gotten it for less especially since rates are pretty high right now and who knows if next year it would have sold for less... I do know that the bank is taking a $150k hit on it. But thats still less than I've seen them take on other homes. The first home I bid on was selling for 550 and they owed 850 because they had taken out a loan to add on a bedroom.

I just saw a listing a few streets away from the house I am buying that is listed at 650 but sold 6 months ago for 1.1million. Nothing has sold in that price range in the area ..ever..so I think the buyer and the seller must have scammed the bank out of 700k 6 months ago.

shannon94 · 07-06-2008, 02:24 PM

Good luck with that Panks and CONGRATULATIONS!!

Panks · 07-06-2008, 03:22 PM

Thank you Shannon94..thats very sweet of you to say

flo2900 · 07-07-2008, 02:15 AM

Buying in this market is just plain madness...prices will continue to drop for at least a year, stay there for a few years then will begin to go up at normal 5% appreciation rates....whoever buys now has to stay in the house for a long time to really make $ on the house....JMHO!
OH... I forgot....gas prices will also have a negative effect on the whole economy and yes on the housing market as well...soo whats the rush on buying a home now?

Delron · 07-09-2008, 01:51 PM

Flo2900, I think you're right in the near term. Prices will continue to drop, especially in the hard hit areas, and there will be a bloodbath coming in the middle to premium areas (read that info karkyco posted). Finally, listen to Sorcerer if you're in for the long term. ESPECIALLY about Highland Park, (Mount Washington is even better) and areas near there.

That place is already well on its way to being gentrified, and with its close proximity to downtown, it's going to have a huge upswing in 5-10 years.

That area has already been beat to hell...while there is more blood to go, there are some ridiculous steals (and some still overpriced dumps) there.

I don't agree about IE/Riverside/San Bernadino except for the loooooooooong term, as it's expected to have, what, 10 million people by 2020?

Palmdale and Lancaster, again, for the very long term. But the closer you buy to the downtown area, particularly the gentrified/up and coming areas (look for increases in the population of white folks/decreases in age and decreases in number of children/families), borderline areas...the better you will do long term.

Panks · 07-27-2008, 11:46 AM

I don't know about the "up and coming" areas down here but I lost my shorts 20 years ago renting out a house in an up and coming area in N.Cal.
Thats when I learned the lesson to never buy a property is a so-so area unless you have experience dealing with scummy tenants who know how to suck the life out of landlords and drive them into bankruptcy.